Matt Hougan believes that financial advisors are not fully promoting cryptocurrency investments, and the reason for this is regulatory uncertainty in the United States. The Republican Party, adjusted for elections, is generally favorable towards cryptocurrencies, while a significant portion of Democrats are pessimistic.
The Bitwise top manager himself is an optimist: he is confident that since May the US authorities have begun to move towards clarifying the issue of regulation. In May, the Senate overwhelmingly passed a bill to repeal SAB 121, which imposes strict rules on organizations that want to hold cryptocurrencies. Hougan mentioned US President Joe Biden's veto of SAB 121: this means cryptocurrencies have a long way to go. However, the crypto industry has been “swimming against the wind” for ten years already.
“Then imagine how many trillions of dollars will enter the crypto market when the biggest barrier to digital assets is removed. If you think that BlackRock’s entry into the crypto space has had a positive impact on the market, then imagine that the entire Wall Street already perceives cryptocurrencies as an integral part of it,” said the investment director of Bitwise.